FxWirePro: GBP/USD touches one-week high, scope for further upside

• GBP/USD rose on Friday as  weaker dollar and upbeat UK GDP data boosted sterling across the board.

• Official data released on Friday showed that Britain’s economy grew by 0.5% in February, exceeding economists’ forecasts and suggesting a more stable economic outlook as UK prepares for the effects of U.S. tariffs.

• The monthly GDP growth was the strongest since March 2024, surpassing all economists' forecasts, which had predicted a 0.1% increase.

• Services output grew 0.3% in February, following a 0.1% rise in January, while manufacturing surged 2.2%, driven by gains in electronics, pharmaceuticals, and car manufacturing, according to Friday's data.

• At GMT 07:51, the British pound  was trading higher 0.76% at 1.3064 against US dollar

• Immediate resistance is located at 1.3075 (38.2%fib), any close above will push the pair towards 1.3145 (Higher BB).

• Strong support is seen at 1.2919 (50% fib) and break below could take the pair towards 1.2768(61.8% fib).

Recommendation: Good to buy  around 1.3030, with stop loss of 1.2930 and target price of 1.3150